The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Matthew Singer. According to his publicly available FINRA BrokerCheck report, Matthew Singer has been the subject of multiple customer complaints.
Matthew Singer was a Florida based securities broker. He worked in the securities industry for eight years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker in any fashion.
- Knight Equity Markets (2006-2008)
- Hudson Securities (2008-2010)
- C.L. King & Associates (2010-2011)
- Capstone Investments (2011-2013)
- Ascendant Capital Markets (2013)
- FBN Securities (2013)
- Morgan Stanley (2013-2016)
- In October 2015, customers alleged that Matthew Singer recommended investments that were not suitable given their level or risk. This case was settled for $365,000 in damages.
- In February 2016, a customer alleged that the options trading strategy Matthew Singer recommended was unsuitable.
- In December 2016, a customer alleged that Matthew Singer executed unauthorized trades and misrepresented what options trading actually was. The alleged transgressions taking place between May of 2015 and January of 2016. This case was settled for $60,000 in damages.
- In May 2018, Matthew Singer was officially sanctioned by FINRA after he allegedly refused to comply with an investigation into him allegedly making unsuitable options recommendations. Due to his alleged failure to comply, he was barred by FINRA from acting as a registered securities broker in any fashion.
What is Options Trading?
Options trading is a complicated form of trading that can be highly unsuitable for certain types of investors. Essentially, options trading is two parties betting against each other regarding the future success or failure of a particular security. The parties in options trading hold separate positions–the long and the short. The party in the long position pays the party in the short position a premium at the beginning of the transaction that is determined by the value of the security and the amount of options purchased. The party in the short position then agrees to purchase or sell that security, depending on whether it is a ‘call’ or ‘put’ option, to the party in the long position should they request it. This is to be done by the option’s expiration date at an agreed upon strike price. This strike price is set in stone before the contract is executed and must be honored despite what the security in question may actually be valued at by its expiration date. This places the party in the short position in a great deal of risk. If the value of the security increases drastically in a ‘call’ option, or decreases drastically in a ‘put’ option, the party in the short position can now be on the hook for a substantial amount of money when all they received in return was a fraction of that amount through the original premium. This process is incredibly complicated and often goes misrepresented by less than scrupulous or incompetent securities brokers.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Mattew Singer, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.